消费电子行业深度分析报告：智能眼镜行业深度

Investment Rating - The report maintains a "Buy" rating for the smart glasses sector, highlighting the long-term growth potential driven by AI integration and evolving consumer preferences [3][4]. Core Insights - Smart glasses are positioned as the next blue ocean in the wearable market, with significant growth potential as the category is still in its early development phase. The collaboration between Ray-Ban and Meta has resulted in a successful product launch, with over 300,000 units sold in the first quarter and exceeding one million in two quarters [3][5]. - AR glasses represent the next evolutionary step for smart glasses, enhancing functionality with optical display capabilities. Meta's established presence in the VR market is expected to facilitate growth in the consumer AR segment, particularly with advancements in reflective waveguide technology [3][5]. - The report suggests focusing on key segments of the supply chain, including brands, complete devices, optics, and core components. Recommended companies include GoerTek, Luxshare Precision, and others in the optical and SoC sectors [3][4]. Summary by Sections Smart Glasses: The Next Blue Ocean in Wearables - The wearable market is experiencing sustained growth, with TWS earbuds and smartwatches having reached maturity. Smart glasses are anticipated to be the next high-growth segment, with a strong emphasis on stylish design and comfortable wearability [3][5][15]. - The first-generation smart glasses, Ray-Ban Stories, had modest sales, while the second-generation Ray-Ban-Meta glasses have become a hit, showcasing the importance of AI features in driving consumer interest [3][5][24]. AR as the Next Step in Smart Glass Evolution - The AR market is still developing, with significant growth expected as major players like Meta enter the space. The report emphasizes that AR glasses will enhance user experience through improved input and output modalities [3][5][30]. - The report identifies the reflective waveguide display technology as a key driver for the industry's advancement, enabling better display quality and user engagement [3][5][46]. Investment Recommendations - The report recommends investing in various segments of the smart glasses supply chain, including assembly, optics, and SoC manufacturers. Specific companies highlighted include GoerTek, Luxshare Precision, and several others in the optical and semiconductor sectors [3][4][5].